Over time, the value of a property will go up and down.
Property values appreciate in the long term for the most part.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a bigger asset to borrow against, and you get a greater profit when you sell.
Property values in Burlington shift for different reasons, so how can you be sure what you're investing in today won't depreciate the day after you close?
The most important aspect to consider is that you pick an agent in Burlington who knows the factors that affect local prices.
A lot of people think that the economy is the top factor impacting real estate appreciation.
interest rates, unemployment, business growth, government programs and a handful of other national factors have a definite effect on your home's worth.
However, your house's value and the features that play the biggest role in its appreciation depend on the local Burlington economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values.
So these communities usually appreciate, or retain their value, best.
The latest home sales - What's the time on market? Are sellers having to discount much or offer concessions Some information can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have house prices increased or decreased? Does location or affordability affect how desirable the neighborhood is thought to be?
Local economy - Is there a fair combination of business in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
All these play a role.